Quick view: RIL to begin MP CBM gas output from 2015-16

Updated: Jan 21 2014, 10:33am hrs
Reliance Industries (RIL) plans to start production of natural gas from coal seams, called coal-bed methane (CBM), in Madhya Pradesh from 2015-16. In a presentation to analysts after the announcement of Q3 earnings, RIL said first gas from its Sohagpur CBM blocks in Madhya Pradesh is targeted by FY16. It plans to produce 3.5 million standard cubic meters per day of gas from the two Sohagpur blocks.

Lenders invoke pledged shares in USL, McDowell

Lenders have invoked some of the UB Groups pledges on shares of United Spirits (USL) and McDowell Holdings, reducing the groups stake marginally in these two companies. According to a filing with the stock exchanges, HDFC Bank invoked a pledge on 90,000 USL shares, or 0.06% stake, held by Vijay Mallya's investment arm Kingfisher Finvest. The investment arm currently holds around 4% stake in USL. Meanwhile, the J&K Bank invoked pledges on 1.5 million shares held by United Breweries Holdings Ltd in Mc Dowell Holdings.

Asian Paints third quarter net at R329.35 crore

Asian Paints on Monday reported a consolidated net profit of R329.35 crore for the third quarter ended December 2013. The company had posted a consolidated net profit of R335.23 crore in the year-ago period. Net sales during the quarter under review stood at R3,412.61 crore, while it was R3,033.86 crore in the same period previous fiscal. The results include unaudited consolidated financials of Sleep International, in which the company acquired 51% stake on August 8 and hence, are not comparable with the corresponding period, it said.

Emami to pay interim dividend of R3

Kolkata-based Emami on Monday announced an interim dividend of R3 per share. The FMCG major reported 31.1% year-on-year jump in its consolidated net profit at R150.68 crore for the third quarter this fiscal on the back of easing of input prices.

Cipla appoints GSKs Goel as India head

Drug major Cipla announced the appointment of Sameer Goel as country head India, with effect from Monday. Goel, who comes to Cipla from GlaxoSmithKline (GSK), will be reporting to MD and global CEO Subhanu Saxena. In his last India-based role at GSK, Goel led the sales team comprising 4,500 direct and indirect field executives.

Amazon to open second Bangalore warehouse

Online retailer Amazon on Monday announced plans to open its second 1.5 lakh square foot warehouse in Bangalore in February to cater to retailers from south India. Its existing fulfillment centre, as these warehouses are called, is located in Bhiwandi on the outskirts of Mumbai. Amazon's warehouses are meant for online retailers who use the pay-as-you-go fulfillment by Amazon service to stock inventory of their products. Once an order is placed, Amazon packs and ships the order to the customer.

ONGC bags Aons best employer award

ONGC bagged the best employer and voice of employee awards at the Aon Hewitt Best Employers India 2013 award function held in New Delhi. Aon Hewitt Best Employers Award recognises efforts by corporates across the country and world to instil best-in-class practices. The state-owned explorer emerged among the best employer in the country after an in-depth study across organisations conducted by Aon Hewitt. ONGC was also adjudged the Voice of Employee in the public sector enterprise category.